宝洁vs联合利华财务报表对比分析英文版

P&GUnilever,宝洁公司VS联合利华,UnileverCompanyBriefIntroduction,UnileverCompanyin1930bytheDutchmargarinecompanymergerwiththeBritishcompanyLeverBrotherssoapismade.Unileversicecream,frozenfood,teadrinks,condiments,margarineandedibleoilproductionintheworldfirst.Unileveristheworldssecondlargestdetergent,cleansingproducts,andhaircareproductmanufacturer.Everyday,thereare160millionconsumersuseUnileverproducts.Theytakepridein,theirslogantoreflectthis:home,thereUnilever.,UnileverCompanyBriefIntroduction,Unileverownsthebrand:LiptonKelloggDoveOMOWallsandsoon.Unileverhas317productionbasesinsixcontinentsPursuitofsafetyandhighefficiencyandhighqualityandenvironmentalprotectionUnileverhasaresearchanddevelopmentcenterinseveralcountries.Unileversdistributionchannels,P&GCo.Briefintroduction,P&Gwasbornin1837,itsfullnameistheProcterandGamblecompany.Referredtobythecompanystwofounders,WilliamProcterWalcottandJamesGamblechoosetheirsurnamesinthefirstletters.AtfirstitwasjustthatthecityofCincinnati,Ohio,oneofthe18forcandleandsoapmanufacturer,afterwhichupto160yearsintime,thisconservativestyle,butconstantlyinnovativeFinallythecompanybecometheworldslargestmanufacturerinwashingandskincarehealthcareproducts,andsuccessfullycreatedadayoftheconsumergoodsindustry,P&GEmpire.,P&GCo.Briefintroduction,Procter&GamblehasbecometheworldstopcommodityconsumergoodsmanufacturersanddistributorsintheUnitedStates,itsemployeesmorethan100,000allovertheworld.2001-2002fiscalyear,thecompanysannualconsumptionamountedto40.2billionUSdollars.IntheFortunemagazineselectedthe500mostrecentworldslargestindustrial/servicecompanies,rankedNo.93,rankedthenations35andwasnamedtheindustrysmostrespectedcompanies.Procter&Gamble,inmorethan80countriesaroundtheworldwithfactoriesandoffices,operatedbymorethan300brandsofproductssoldinmorethan160countriesandregions,includingshampoo,haircare,skincareproducts,cosmetics,babycareproducts,femininehygieneproducts,pharmaceuticals,food,beverages,textiles,furniture,personalcareandcleaningproducts.,FabricCareandHomeCaresegmentHealth&Well-BeingHealthCareSnacks,CoffeeandPetCare,BeautyCareBeautysegmentGroomingsegmentHouseholdCareBabyCareandFamilyCaresegment,FiveForcesAnalysisofUnilever,Potentialnewentrants-High,Fast-movingconsumergoodsindustry:a)highfrequenciesb)short-termusec)veryconvenientd)Easytobeperceivedandjudgedbyconsumer,Thesefeaturesprovidethecertainbreakthrough,aslongasmarketingsuccessfullyandenteringthemarketquickly,newentrantscancarveupacertainmarketshare.,Threatofsubstituteproduct-High,Washingproductshavealternativesandcustomershavemanychoices.Inaddition,somecustomersaresensitivetoproductpriceandtheylackofbrandloyalty.Oncethecompetitorsimplementmarketingstrategies,itislikelytogiveuptheinitialselection.Eg:inanti-dandruffshampoomarket,Unileverhas“CLEAR”,whileP&Ghas“head&shoulders”inPersonalCareproductmarket,Unileverhasdove,Lux,whileP&GhasSafeguard、Tide.,Suppliersbargainingpower-Low,a)Sometimes,powerfulsuppliersarethreatsforcompanies.b)Supplychainsaremadeupoftheupstreamrawmaterialssuppliers，downstreamofthesalescompanies,andconsumers.c)rawmaterialspriceincrease,thecostwillincreaseforUnilever.d)somerawmaterialsaremonopolizedbyafewsuppliers.Thatis,suppliersconcentrationishigherthantheconcentrationofthebuyer.ThereforeUnileverhastoshareprofitswithsuppliers.,Thebuyersbargainingpower-Medium,Thekeyfactorsofthesupplierbargainingpower:(1)Thesupplierindustryconcentration,(2)sizeoftradingvolume,(3)Thedegreeofproductdifferentiation,(4)Thesizeofthetransformationthesuppliercost,Priortothepossibilityofintegration,(5)Thedegreeofinformationcontrol.a)thecusumerswanttobuyindustrialproductsaffordable,andcost-effective.Theybenefitfromtheexistingenterprisecompetitionbetweenindustries.Asaresult,theyalwaysholddownprices,improveproductqualityandservicelevel.b)Substituteproductsarenumerousandthedifferencesbetweeneachotherissmall,therangeofconsumerchoiceisbigger,sotheresbargainingpower.,Thecompetitionbetweenexistingcompetitors-High,UnileverisaveryfamousFMCGcompanies,UnileversfiercestrivalintheinternationalcommoditymarketisP&G.P&GandUnileverarehasmanykindsoffamousbrandproducts,andtheyhavetheirrespectiveproductinnovationtactics:P&Gtoconstantlydevelopnewproducts,andconstantlyoptimizedcombinationproductlines,Unileveristoexcavatethepotentialmarket,meetthedemandoflocalconsumers.the2004BusinessWeekrankingsintheworld,P&Gworth$139.335billion,Intheworldranking17th,Unileverin54thintheglobalrankinglist,valuedat$65.3billion.InthecompetitionwithP&G,Unileverisinarelativelydisadvantageousposition.InChinashouseholdandpersonalcareproductsmarket,Unileverisalsoinarelativelydisadvantageousposition.,FiveForcesAnalysisofP&G,Threatofentry-High,TheinvolvementofforeigncapitalExperienceddealersestablishtheirownbrandInternalstaffwanttohavetheirownbrandPartofthetechnicalinventionandpatentholdersliketoformtheirownfactory,Buyerpower-Mediun,Purchaserswanttousehighqualityproductwiththelowpricethroughbargainingpricedown.,Competitors-High,JohnsonJahwaLongliqiAndsoon,Threatofsubsititutions-High,P&Gbrand：Head&Shoulders、Rejoice、Sassoon、Pantene、ClairolAlternativesBrand：Shulei、Sunsilk、Fengying、HOUDY、LAF,Supplypower-Low,Establishlong-termcooperativerelationshipwithsuppliersSelecttheappropriatescalesuppliersDeepencooperationwithsuppliers,Unileverindexanalysis,BalancesheetofUnilever(2012),BalancesheetofUnilever(2012),BalancesheetofUnilever(2013-2014),BalancesheetofUnilever(2012),CashFlowStatement(2012-2014),Incomestatement(2012-2014),Statementofshareholdersequity(2012-2014),1Short-termliquidityanalysis-Unilever,2012:currentratio=12147/15815=0.7681times2013:currentratio=12122/17382=0.6974times2014:currentratio=12347/19642=0.6286timesFrom2012to2014,allcurrentratiosoflessthan1wouldmeanthatnetworkingcapitalwasnegative.Everyyear,thecurrentratioslightlylowerthanlastyear.Thecompanyincreasedinshort-termdebt,soincreasedthecurrentliabilities.,1Short-termliquidityanalysis-Unilever,2012:quickratio=(12147-4436)/15815=0.48762013:quickratio=(12122-3937)/17382=0.47092014:quickratio=(12347-4168)/19642=0.4164From2012to2014,theshort-termsolvencyofcompanywasweakened.Thequickratiowaslowerthanthepreviousyear.Themajorfactorswerethattheinventoriesslightlyincreasedandraisedthecurrentliabilities.,1Short-termliquidityanalysis-Unilever,2012:cashratio=2465/15815=0.15592013:cashratio=2285/17382=0.13152014:cashratio=2151/19642=0.1095From2012to2014,theabilityofcompanytorepaytheshort-termdebtwithcashwasdescended.Becausethereductionofcashassets,andslowerthanthechangingrateofcurrentliabilities.,2Long-termfinancialleverageanayles-Unilever,Totaldebtratioin2014=33764/48027=0.7030Totaldebtratioin2013=30698/45513=0.6745Totaldebtratioin2012=30240/46189=0.6547From2012to2014,totaldebtratiowererising.Thehigherthisratiois,themoreenterpriseriskUnileverhadtoface.,3.turnoverratiosanaylsis-Unilever,Inventoryturnoverin2014：28387/4168=6.8107timesInventoryturnoverin2013：29065/3937=7.3825timesInventoryturnoverin2012：30530/4436=6.8823timesUnileversinventoryturnoverin2014droppedtothelowestinthreeyears.ItmeansthatUnileverweremanaginginventorylessefficiently.,3.Assetturnoverratiosanaylsis-Unilever,Totalassetturnoverin2014：48436/48027=1.0085Totalassetturnoverin2013：49797/45513=1.0941Totalassetturnoverin2012：51324/46189=1.1112From2012to2014,alltotalassetturnoversweremorethan1,whichmeansthesenewassetscouldbelessproductiveandefficientthanthoseusedbyUnileverscompetitorslikeP&G.,4.ProfitabilityAnalysis-Unilever,2012:ROA=4836/46189=0.10472013:ROA=5263/45513=0.11562014:ROA=5515/48027=0.1148ROAisameasureofprofitperdollarofasstes.Fromabove,theROAin12yearwas10.47%whichislessthanin13yearwhichROAis11.56%.Butin14year,theROAislessthanthatin13year.Thisshowsthatthecompanysprofitabilityweakened.,5.GrowthAnalysis-Unilever,2012-2013:Operatingincomegrowthratio=(7517-6977)/6977=0.07742013-2014:Operatingincomegrowthratio=(7980-7517)/7517=0.0616During2012-13year,theoperatingincomehadincreased540million.During2013-2014year,theoperatingincomehadincreased463million.Withthedevelopmentofthecompany,wecanseetheoperatingincomehaddecreased.,5.GrowthAnalysis-Unilever,2012-2013:Netincomegrowthratio=(5263-4836)/4836=0.08832013-2014:Netincomegrowthratio=(5515-5263)/5263=0.0530During2012-2013yearthenetincomehadincreased427million.During2012-2013year,thenetincomehadincreased252million.Withthedevelopmentofthecompany,wecanseethenetincomehaddecreased.,P&Gindexanalysis,BalancesheetofP&G(2012-2013),BalancesheetofP&G(2013-2014),CashflowofP&G(2012-2014),Statementofshareholdersequity(2012-2014),Incomestatement(2012-2014),1.Short-termliquidityanalysis-P&G,2012:currentratio=21910/24907=0.8800times2013:currentratio=23990/30037=0.7987times2014:currentratio=31617/33726=0.9375timesFrom2012to2014year,allcurrentratioswerelessthan1,whichmeansthatP&Gsabilitytopayitsbillsovertheshortrunismedium.Ingeneral,P&Goperatessteadily.,1.Short-termliquidityanalysis-P&G,2012:quickratio=(21910-6721)/24907=0.6098times2013:quickratio=(23990-6909)/30037=0.5687times2014:quickratio=(31617-6759)/33726=0.7371timesComparedto2012year,quickratiofell4%in2013andIncrease10%in2014respectively.Thiskindofchangewascausedbychangesininventoryandcurrentliabilities,1.Short-termliquidityanalysis-P&G,2012:cashratio=4436/24907=0.1781times2013:cashratio=5947/30037=0.1980times2014:cashratio=8558/33726=0.2538timesNormally,20%cashratioispreferred.Obviously,cashratioincreasedyearbyyear,whichcausedbyincreasedcashandcashequivalent.SoP&GIncreasedcashsolvencyfrom2012to2014.,2.Long-termfinancialleverageanayles-P&G,Totaldebtratioin2014=74290/144266=0.5150timesTotaldebtratioin2013=70554/139263=0.5066timesTotaldebtratioin2012=68209/132244=0.5158timesa)foroperator:debtshelpexpandProductionScalepreferhighdebtratiob)creditors:TheywanttogetrepaymentsandreceivetheinterestspreferlowdebtratioP&Ghasabout$0.51indebtforevery$1inassetsanditseasytofindthatP&Gcapitalstructuresweresteadyandproper.,3.Assetturnoverratiosanaylsis-P&G,Inventoryturnoverin2014=42460/6759=6.2820timesInventoryturnoverin2013=41391/6909=6.2514timesInventoryturnoverin2012=41411/6721=6.1614timesFrom2012to2014,thevalueofinventoryturnoverwererising.Thehigherthisratiois,themoreefficientlyP&Gismanaginginventory.,3.Assetturnoverratiosanaylsis-P&G,Totalassetturnoverin2014=83062/144266=0.5758Totalassetturnoverin2013=82581/139263=0.5929Totalassetturnoverin2012=82006/132244=0.6201From2012to2014,thevalueofthetotalassetturnoverwereDeclining.Itcanbeinterpretedasthelessdollarinvestmentinassetsneededtogenerate$1insales.,4.Profitabilityanalysis-P&G,2012:ROA=10904/132244=0.08252013:ROA=11402/139263=0.08192014:ROA=11785/144266=0.0817ROAisstablealong0.08,meansP&Gprofitableisstable,5.Growthrateanalysis-P&G,2012-2013:Operatingincomeratio=(82581-82006)/82006=0.00702013-2014:Operatingincomeratio=(83067-82581)/82581=0.0058During2012-2013year,theoperatingincomehadincreased575million.During2013-2014year,theoperatingincomehadincreased486million.Withthedevelopmentofthecompany,wecanseetheoperatingincomehaddecreased.,5.Growthrateanalysis-P&G,2012-2013:Netincomegrowthratio=(11402-10904)/10904=0.04572013-2014:Netincomegrowthratio=(11785-11402)/11402=0.0336During2012-2013year,thenetincomehadincreased498million.During2012-2013year,thenetincomehadincreased383million.Withthedevelopmentofthecompany,wecanseethenetincomehaddecreased.,Forecast-Unilever,Long-termfinancialleverageforecast-Unilever,From2012to2014,totaldebtratiowererising.Thatmeansin2015to2017,duringthisperiod,totaldebtratiowilllikelycontinuetoriseinUnilever.Unilevermayhavetofacemoreenterpriseriskinthefuture.,Assetturnoverratiosforecast-Unilever,Unileversinventoryturnoverin2014droppedtothelowestinthreeyears.Inthenextfewyears,unileversinventoryturnoverorfallingormaintainatalowerlevel.,Assetturnoverratiosforecast-Unilever,From2012to2014,alltotalassetturnoversweremorethan1.Inthenextfewyears,unileverstotalassetturnoverwillremainataround1.Unileverwilluseitsassetstogeneratesalesinefficientlyinthenextfewyears.,ROAforecast-Unilever,12year13year14yearROA0.10470.11560.1148Totalassets461894551348027Netincome483656235515ROAin12yearwaslessthanin13year.Butin14year,theROAisalittlelessthanthatin13year.Andthenetincomewasalsoincreasingsubstantially,butthenetincomein14yearisalittlelessthanthatin13year.Thisshowsthatthecompanysprofitabilityisalittleweakenedinthefuture.,Operatingincomeratioforecast-Unilever,12year-13year-14yearOperatingincomeratio0.07740.0616Operatingincome697775177980Withthedevelopmentofthecompany,wecouldseetheoperatingincomeratiohaddecreased.ButfromtheF/S,theoperatingincomehadincreased.ThoseshowthattheabilityofUnileversoperatingincomewasweakenedinthefuture.,Netincomegrowthratioforecast-Unilever,12year-13year-14yearNetincomegrowthratio0.08830.0530Netincome483652635515Withthedevelopmentofthecompany,wecanseethenetincomegrowthratiohaddecreased.ButfromtheF/S,thenetincomehadincreasedyearbyyear.ThoseshowthattheabilityofUnileversnetincomewasweakenedinthefuture.,Currentratioforecast-Unilever,Future:thecurrentassetsdecreasedandcurrentliabilitiesincreasedin2012to2014,causedthecurrentratiowasconstantlydeclined.Aremainedreductionofthecurrentratioisexpectedtooccurinthecomingyears.,Quickratioforecast-Unilever,Future:Inthenextfewyears,thequickratiowillalsodecrease.Althoughtheinventorieswasdeclinedin2012to2014,butthecurrentliabilitieswasconstantlyincreased.,Cashratioforecast-Unilever,Future:thecashratiowilldescendinthefuture.Becausethecashwasdecreasedandthecurrentliabilitieswasincreasedin2012to2014.Intheshortrun,thereductionofthisratiowillnothaveabigchange.,Forecast-P&G,Long-termfinancialleverageforecast-P&G,P&Ghasabout$0.51indebtforevery$1inassetsanditseasytofindthatP&Gcapitalstructuresweresteadyandproper.Itmeansthatfrom2015to2017duringthisperiod,P&Gcompanysinventoryturnoverwillremainataround0.51.P&Gcapitalstructuresweresteadyandproperinthenextfewyears.,Assetturnoverratiosforecast-P&G,From2012to2014,thevalueofthetotalassetturnoverwereDeclining.Thatmeansin2015to2017,duringthisperiod,inventoryturnoverwilllikelycontinuetorise.P&Gwilluseitsassetstogeneratesalesmoreefficiently.,Assetturnoverratiosforecast-P&G,From2012to2014,thevalueofthetotalassetturnoverwereDeclining.Thatmeansin2015to2017,duringthisperiod,totalassetturnoverwilllikelycontinuetofall.P&Gwilluseitsassetstogeneratesalesmoreefficiently.,ROAforecast-P&G,12year13year14yearROA0.08250.08190.0817Totalassets132244139263144266Netincome109041140211785ROAisstable.AndtheassetsfromtheF/Swasincreasingyearbyyear.Andthenetincomewasalsoincreasing,buttheincreasinginnetincomewaslessthanthatintotalassets.SoROAinP&Gwasdecreasingyearbyyearinthefuture.,Operatingincomeratioforecast-P&G,12year-13year-14yearOperatingincomeratio0.00700.0058Operatingincome820068258183062Withthedevelopmentofthecompany,wecouldse